Consolidated net income at Ford affiliate Mazda plunged 62% to 2.5bn yen in the first fiscal quarter.

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“Although ordinary profit and net income were down year-on-year, both figures are within planning assumptions and were budgeted at the beginning of the financial year,” the automaker said.


Consolidated sales revenue rose 11% year-on-year to 814.3bn yen while consolidated operating profit was up 9% year-on-year to 32.3bn yen.


Favorable exchange rates contributed to the higher revenue and the operating profit rose from the effects of a weaker yen and successful cost cutting partially offset by greater investment in R&D and higher depreciation costs.


Consolidated ordinary profit fell 12% to 21.2bn yen resulting primarily from forward exchange contract accounting effects caused by the depreciating yen.

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First quarter consolidated global retail volumes were down 1% to 323,000 units.


North America volume rose 6% to 108,000 units, due mainly to growth in Canada and Mexico, Europe sales were flat at 78,000 and down 7% to 57,000 units at home in Japan.


In China, local production of Mazda brand vehicles in Hainan Province ceased, resulting in a 44% decrease to 16,000 units.


In other markets, the retail volume grew 15% to 64,000 units.


Mazda’s forecasts for the full fiscal year remain unchanged – global retail volume of 1.35m units (+4%); consolidated sales revenue up 2% to 3,320.0bn yen, consolidated operating profit up1% to 160.0bn yen and consolidated net income up 15% to reach 85.0bn yen.


Mazda representative director, senior managing executive officer and CFO, David Friedman, said: “Going forward, we are aiming for steady growth. Our increased investment for the future and inventory streamlining initiatives are also progressing according to plan.”